• Sunday, March 03, 2024
businessday logo

BusinessDay

Unilever, Fidelity, others cause market’s positive start to new week

Stock market rout continues Thursday on MPC decisions

Nigeria’s equities market rose by 0.60 percent or N203 billion in Monday, pushing the market’s return year-to-date (YTD) to +22.81percent.

Expectedly, investors are buying stocks ahead of the upcoming second quarter (Q2) earnings season.

The market’s positive start to the new week was driven by investors’ interest in shares like Unilever, Fidelity Bank, Sterling Bank and John Holt that occupied the top advancers league.

Fidelity Bank moved up from N6.70 to N7.37, after adding 67kobo or 10 percent. Unilever increased from N14.50 to N15.95, up by N1.45 or 10 percent.

Read also: MTNN, UBA, Fidelity, other stocks rated ‘Buy’ this week

Sterling Bank increased from N3.11 to N3.42, up by 31kobo or 9.97 percent, while John Holt increased from N1.81 to N1.99, adding 18kobo or 9.94 percent.

At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation rose from the preceding day’s 62,569.73 points and N34.070 trillion respectively to 62,943.35 points and N34.273trillion.

Sterling Bank, Transcorp, Unity Bank, Access Corporation and Universal Insurance were actively traded stocks. In 8,979 deals, investors exchanged 710,018,266 shares valued at N13.829 billion.